The new month, March, has come with a different trend for the broad crypto market. Instead of continuing the uptrend, the market is declining today. Data from reputable crypto analytics platform CoinMarketcap shows that the overall market cap is down by 1.69% to $2.3 trillion.
In addition, the 24H trading volume is also down by 35.61% to $128.5 billion. Furthermore, Bitcoin (BTC), the market leader, is down by 1.55% in the last 24 hours despite sitting above the $61,900 market. Is this the beginning of the market consolidation phase? Historically, price consolidation could trigger more dips in the value of various digital assets.
However, despite this sentiment, some altcoins make contradictory moves in the same crypto market. Out of the voluminous list, AXL, FET, SMOG, and SPONGEv2 have recorded notable gains in their value within 24 hours.
Whether these coins can thrive amid the declining crypto market depends on milestones they could hit in the long run.
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Massive adoption, investors, and increased trading volumes could also help them. Nevertheless, the technical analysis of these assets could help hint at what to expect in the coming weeks.
Axelar (AXL) – Secure Cross-Chain Communication Network for Web3
Axelar (AXL) has seen a significant boost in its value today, and there are a few reasons for that. Its goal of making Web3 a success by connecting different blockchain networks seamlessly is paying off.
This innovative approach makes interactions between blockchains quicker and easier, making Axelar an essential part of Web3.
The token, AXL, is crucial for Axelar’s network. It’s used to power the network’s operations and keep it secure. Validators stake AXL to participate in the Proof-of-Stake (PoS) consensus mechanism, earning rewards for validating cross-chain transactions.
Axelar uses inflationary rewards and a gas-burning mechanism to make the token useful and valuable. This has helped AXL gain popularity and get adopted in the digital world.
Recently, AXL was listed on Binance, the world’s biggest cryptocurrency exchange.
After the listing was announced, AXL’s price shot up by 81% to $2.73 per token from its earlier level of $1.49. This sudden price increase led to a lot of trading activity, with one trader making a profit of $56,028 just eight minutes after the announcement.
Axelar’s rise coincides with its efforts to provide secure cross-chain communication for Web3. It recently partnered with Ripple to improve interoperability within the XRP Ledger.
This partnership shows Axelar’s dedication to advancing blockchain interoperability and making decentralized finance applications more useful.
With strategic partnerships and listings on major exchanges like Binance, the asset is well-positioned for further growth and adoption within the blockchain ecosystem as the cryptocurrency market evolves.
Meanwhile, an Interchain competition is ongoing to reward users on the Axelar Network.
GM + welcome to March, 2024 ❤️🔥
Reminder: the 🌩️ITS LEGEND OF INTERCHAIN COMPETITION🌩️ closes next Wednesday, March 6.
Good luck, anon 🍀 https://t.co/SGhpS3Yb6R
— Axelar Network (@axelarnetwork) March 1, 2024
AXL Continues Upward after Price Rejection at the $2.7 Mark – Can This New Resistance Hold?
The surge following AXL’s listing announcement on Binance drove the coin’s price to $2.7, a new swing high in the long run. However, as of 7:56 am EST, the price is now at $2.1383.
Can it surpass the $2.7? According to technical indicators, more rallies are expected throughout the weekend, and by the new week, AXL could retest its recent high and potentially break above it.
The coin’s price has already surpassed the dynamic resistance posed by the Upper Bollinger band. Also, its Relative Strength Index (RSI) is 84.01 in the overbought market region (above 70), indicating non-stop buying activities.
Considering these facts, AXL could go above $2.7 and target the $3 level.
On the other hand, the Bollinger bands are expanding, suggesting increasing volatility for the coin. As such, traders and investors should be alert and use adequate risk management strategies.
Fetch.ai (FET) – AI Lab for Public, Decentralized, and Permissionless Machine Learning Network
Despite the broad market dip, Fetch.ai’s (FET) performance today is splendid. Its price soared to $1.67, the highest it’s ever been. This jump shows a significant increase of 14.82% on March 1.
People are likely getting more confident in Fetch.ai, especially as AI and digital currency markets are doing well.
Currently, FET’s price is still going up, reaching $1.58, 21% higher than the day’s lowest point. One of the factors driving Fetch.ai’s growth is the rising adoption of Artificial Intelligence (AI).
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A future where machines think and learn is nearer than you think 👇https://t.co/MPVGrqpD1M
— Fetch.ai (@Fetch_ai) March 1, 2024
As AI advances, the demand increases, leading to a surge in the price of FET tokens. Notably, Fetch.ai’s market value and worth in 24 hours increased by 21.78%.
Can it maintain this uptrend? Let’s find out!
FET Breaks Above Rising Channel with Overbought RSI – Where Could the Price Be Heading to?
The Fetch.ai price keeps increasing as more buyers jump in, increasing the price. Looking at the chart, it’s clear that the tokens have been rising since mid-February after consolidation.
Currently, FET is trading above the 50-day and 200-day Simple Moving Averages (SMAs), which means the bullish momentum is getting stronger.
Also, this suggests that the price will likely keep going up toward the $2 level and beyond. Additionally, given the RSI at 81 in the “overbought” market region, much buying is happening.
As such, it’s safe to say that investors are feeling optimistic about the coin’s price. So, more rallies are expected.
FET’s Change of Character and Bullish MACD Confirms Potential Price Rallies
In the chart above, the Moving Average Convergence Divergence (MACD) shows a bullish trend above the signal line. This is a BUY signal for several investors.
As such, FET could record more BUY orders to boost its value further. Also, the green bars on the histogram show that the momentum is positive, as they’re above the zero line.
Again, a Change of Character has been on the chart, suggesting a new series of higher highs and higher lows in the coming days. Combining these indicators and signals, there’s a strong bullish trend for Fetch.ai (FET).
However, given the effect of overbought assets, FET could dip to correct its price action.
As such, traders should adopt proper risk management practices to stay safer in this potentially volatile market.
Smog Token (SMOG) – The Fiery Airdrop Ecosystem On Solana with Exciting Rewards
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Smog Token is an exciting memecoin project that launched on the Solana blockchain. However, due to popular demand, it still operates on the Ethereum blockchain.
Smog Token is a reward-based ecosystem that relies on the strength of its community to achieve its goals. The goal is to launch the biggest airdrop event on Solana and reward SMOG token holders.
Also, Smog Token continues to progress daily, with over 800 quests completed by users to qualify for airdrops. In addition, there are around 30.74 thousand SMOG holders, and it has raced to a market cap value of $52.87 million and is fast approaching $100 million a few weeks after launching.
Like the BONK token, meme coins on Solana benefit from SOL’s rally and the current positive market trend from Bitcoin. Currently, investors who purchase these tokens will enjoy a 10% discount on their purchases.
Also, staking is an important part of the ecosystem, and staking rewards are distributed based on the APY of 42%.
According to one X user, MetaOracle, SMOG is the number one meme and is the main bag to hold for the bull run.
$SMOG is my #1 meme and real-time its my main bag frens…@SMOGToken rules
— MetaOracle NFT Consulting/Influencer (@oracle_meta) March 1, 2024
Is SMOG A Good Buy?
The decision to purchase the token or not rests with the investors, and we advise conducting proper research before making any investment. However, some strong points indicate that SMOG could likely be a standout performer in 2024.
Its tokenomics reveal that its supply iscapped at 1.4 billion tokens, and the massive interest in the token will likely lead to a surge in demand.
Also, 35% of this supply is allocated to airdrop rewards, which will attract more investors and boost long-term holding. Another exciting factor about this project is the timing of its launch, which occurred right amid a bull market. Historically, altcoins rally when Bitcoin price spikes.
Also, a viral following on social media channels and positive reviews from community members make SMOG a potential success in the crypto market.
Data from CoinGecko reveals that SMOG has gained 16.2% on its price today, confirming an ongoing accumulation for the token. SMOG currently has an ATH value of $0.094 but will likely set a new record based on rising investor demand in the coming weeks.
Spongev2 (SPONGEV2) – The Return of A Community Favourite With More Rewards
When you find out he holds $SPONGE
💦💦🧽🧽#SPONGEV2 #Web3 #Crypto #Alts pic.twitter.com/riZLPfD866
— $SPONGE (@spongeoneth) March 1, 2024
Sponge V2 project combines the fun side of meme coins with additional utility from its weekly Play-to-Earn (P2E) game set to launch soon. Also, over $12.18 million worth of $SPONGEV2 tokens have been staked and bridged, which confirms the rising adoption rate.
Why Sponge V2 Is Making Waves in The Crypto Community?
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According to CoinRepublic.com, Sponge V1 attained a $100 million market cap value, and the V2 will likely outperform this record. Based on the current market trend, SPONGEV2 will likely rally in the coming weeks and give massive gains to early investors.
However, proper research remains vital due to price volatility.
Conclusion
The crypto market seems set for another altcoins season as Bitcoin continues to record higher highs. However, the dip today is noteworthy as it confirms the crypto market’s uncertainty.
So, given that price volatility is still constant as Bitcoin aims to break above the $65,000 resistance level, traders and investors should closely watch technical indicators to protect their funds.
